Smart cars rely on Internet of Vehicles skill to make the entire process of auto finance from application to loan . Users can complete loan applications, document uploads, and contract signing through the vehicle system or APP, shortening the approval cycle from 3-5 days in the traditional model to a few hours. For example, SAIC-GM Financial supports the safe and efficient operation of credit and loan services through a digital intelligent middle platform, and customers can complete contract inquiries, repayment reminders and other operations.
Smart cars have become the entrance to financial services, and users can seamlessly access financial products throughout the entire life cycle of car purchase, use, and replacement. For example, GAC-HKF has launched the “Financial Direct Connection Service” through the GAC Haobo APP, which allows users to complete loan applications simultaneously when ordering a car; the Sichuan Branch of China Construction Bank has launched the Longka Car Card Credit Card, which provides preferential car washes, roadside assistance and other benefits, embedding financial services into car use scenarios.
Skill, Compliance and User Experience
The massive amount of data generated by smart cars involves user privacy. Financial institutions need to strengthen skill means such as data encryption and access control to ensure compliance. For example, blockchain skill is used to store medical data (which can be used as a reference for auto finance) to prevent leakage.
Financial institutions need to improve their skill capabilities such as AI and big data, and cultivate compound talents who understand both finance and skill. For example, OneConnect Financial skill launched Jinjieying’s digital auto finance solution, which improves business efficiency through AI risk control, automated approval and other functions.
Smart car users have higher requirements for the convenience and transparency of financial services. Financial institutions need to simplify processes and improve service response speed, such as using AI digital people to conduct early repayment follow-up, identify user needs and provide solutions.